World Target Equity (USD, Total Return)
Volatility - rolling 12 month Sector allocations (at date of last rebalance*)
[GRAPHIC OMITTED] [GRAPHIC OMITTED]
Source: Morgan Stanley; * October 3, 2012
Returns prior to the Index launch, from April 4, 2001 through June 30, 2007,
are simulated based on historical data. Returns from July 1, 2007 through
November 30, 2012 reflect actual results.
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Unless otherwise indicated, these views may differ from those of the Morgan
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The Target Equity principles and methodology described herein may not work in
every circumstance or with respect to the financial information of every
company. The measures and factors considered in the Target Equity analysis are
not necessarily correlated with financial or market performance of the
constituent companies and may fail to highlight negative information or data
that could adversely affect the Target Equity Index performance or an investment
related to Target Equity. In addition, the Target Equity principles are subject
to change and may not always achieve their intended results.
Performance data for the index prior to the Index Inception Date has been
calculated retrospectively, based on simulated historical performance.
Retrospective index calculation based on simulated performance is purely
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